A community of 30,000 US Transcriptionist serving Medical Transcription Industry

where to get help/info on IC status (correct board?) - scoutMT

Posted: May 16, 2013

...not state specific, I can find that. I mean, how does one manage when say for example the pay is the 10th and 25th of the month, with no money coming in, especially for the first month you work? would this not be a good idea for someone who really needs money desperately? do MTs make enough to supplement all that time in between?

for anyone working for 2 different companies IC, do you like it - do you make more money that way - is it worth all the different things you have to remember re: account specifics, programs, etc.

actually, it would be great to have a separate board for IC so one doesn't have to go all through the posts to find out info. don't get me wrong, don't mind researching, but it seems IC is the new norm - so how does one swing it? the flexibility sounds great, but the startup sounds a bit painful...

tyvm, as always, for the help on this board.

scout

I've worked IC for years now... - anotherMT

[ In Reply To ..]
and certainly when making a switch from one company to another there can be a lag in pay. I try to let them overlap and just work my bum off for a while. But that isn't specific to being an IC, if you take a new job as an employee sometimes it will be 3-4 weeks before your first paycheck depending on the schedule they use. I try to plan ahead financially when I can. Sometimes it's tough.

I have sworn off putting all my eggs in one basket anymore and always work for at least two (if not three) companies doing part time for each. I have a greater sense of security that way; if one job/account disappears for whatever reason I try to pull more lines out of the others until I can find a replacement client.

If you've got some more specific questions feel free to email me, glad to share whatever info I can. Good luck!

IC - ICMT

[ In Reply To ..]
Hi, glad to see you doing research on what being an IC means BEFORE you jump in.

Not sure if you've been in production home MT status for long, but the reality is most companies (I realize the big 2 don't do this), even if you're an employee, pay twice a month. So the pay dates really aren't applicable just to IC. You have to work your budget so that you get thru to pay day. If you're in a job now, I would suggest keeping it and working both until you got your first pay.

And if you look, it's only 15 days between pay periods, which is not an unrealistic time period.

Taxes: If you are single, you will need to put back 25% of your pay to settle up with the tax man at the end of the year. If you're making over $30k, I recommend filing your taxes quarterly. That's not as scary as it sounds. Also, the reality is, at the end of the year, you will not likely owe 25% of your pay but by using that number, you're assured of having what you do need.

Two jobs: I've been an IC most of my life. Love it. But I've found in recent years, it's necessary to work for two MTSO if you want to eat and be able to afford things. So I work one job as an employee and one job as a contractor. The taxes taken out in the employee position, cover anything I might owe as a contractor, so I don't have to sweat that 25%.

I think you'll find no matter what most companies say, they can't keep an MT busy 8 hours a day, so working for two allows you to spend your day productively rather than hitting a NJA key all day.

Good luck!

Very helpful, I appreciate the info... - scoutMT

[ In Reply To ..]
...it gives me food for thought and a place to start. If I could get in at an MTSO (which Nuance and MModal are the only 2 I see really hiring, both of which I have been offered jobs but backed out for fear of not making enough money, and from reading the horror stories all over the net), you mean I could work for one of them and also as an IC on the side?

How many hours in a day do you find it necessary to work, when you work for both, if you don't mind my asking. Did you have to commit to so-many hours for each job, and, if so, do you ever get bombarded and overwhelmed?

hours - ICMT

[ In Reply To ..]
One of the things you can bank on with MT is that it's feast or famine.

Usually, an employee position is going to want you to work set hours. Most can't keep you busy all of those hours. So while the work is low, I hop over to job #2 and work.

Some days, I'm done in 7-8 hours. Some days, honestly, I work 10-12. But I'm single, live in an expensive cost-of-living area, and have student loans.

I also work six days a week by choice. But last year I brought home just about $60k. On the same track so far this year.

It all takes some finagling but once you figure out what works for you and how to get what you need done, it's good.

And don't be afraid of the Big 2. There really, really are people there who are surviving if not thriving.

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